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statements" of Akero Therapeutics, Inc. ("we," "us," "our," "Akero" or the "Company") within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our
business, operations, and financial conditions, including but not limited to current beliefs, expectations and assumptions regarding: the future of our business; future plans and strategies, including our expectations around the therapeutic
potential and clinical benefits of Efruxifermin ("EFX"); our development plans for EFX, including our belief in the unique potential of EFX as a foundational NASH therapy; our preclinical and clinical results, including our
safety/tolerability, laboratory measures and paired biopsy data from our Phase 2a BALANCED study; the potential benefits resulting from the PRIME and Fast Track designations of EFX; the Phase 2b HARMONY and SYMMETRY studies, including expected
timing to complete enrollment, report preliminary results, and other related milestones; the availability of a new drug product formulation to support Phase 3 clinical trials; risks related to the competitive landscape; expectations regarding the
Company's use of capital, expenses and other future financial results; and the potential impact of COVID-19 on strategy, our employees, supply chain, future operations and clinical trials. Words such as, but not limited to, "look forward
to," "believe," "expect," "anticipate," "estimate," "intend," "plan," "would," "should" and "could," and similar expressions or words,
identify forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Except as required by law, we assume no obligation to update these forward-looking
statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our most recent annual report on Form
10-K filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in our other subsequent filings with the Securities and Exchange Commission. All information in this
presentation is as of the date hereof, and we undertake no duty to update this information unless required by law. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained
from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no
representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and
there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. 2022 AKERO THERAPEUTICS.
Corporate Highlights 1 2 3 Potential First-in-Class Building Momentum
Toward Experienced Team with & Best-in-Class NASH Drug Phase 3 Pivotal Trials Strong Cash Position Substantial potential market Two parallel Phase 2b trials underway Involved in 20+ FDA approvals opportunity
HARMONY (F2-F3) ~$165M cash on hand as of 1Q'22 SYMMETRY (F4, compensated) Differentiated mechanism of action Cash runway into 3Q'23 Regulatory designations Strongest reported efficacy data
Fast Track (US FDA) among FGF21s PRIME (European EMA) Commercial drug product-device for Phase 3 HARMONY results expected 3Q'22 2022 AKERO THERAPEUTICS. 3
Extensive Development and Commercialization Experience Involved in 20+
Medicine Approvals Andrew Cheng, MD, PhD | President & CEO 19 years at Gilead Chief Medical Officer & HIV Division Head Major role in 11 NDA/MAA approvals Tim Rolph, D.Phil | Co-Founder & Chief Scientific Officer
Kitty Yale | Chief Development Officer Over 25 years at Gilead, Roche, Pfizer Over 30 years at Pfizer & Glaxo VP, Gilead Worldwide Clinical Operations CSO of Pfizer's cardiovascular and metabolic disease
unit Major role in 8 global approvals NDA, MAA, JNDA Head of Groton & UK Discovery Research, Pfizer and CFDA Major role in discovery and early clinical evaluation of two medicines: Selzentry (HIV) and Steglatro (Diabetes)
Jonathan Young, PhD, JD | Co-Founder & COO William White | CFO & Head of Corporate Development Over 15 years in biotechnology product development, 18 years in life sciences investment banking at Goldman law and regulatory
policy Sachs, Citigroup and Deutsche Bank General Counsel and VP Policy, Braeburn Most recently, Head of US Life Sciences Investment Banking at Deutsche Bank Partner and General Counsel, FoxKiser Advised on more than
$70bn in M&A and $25bn in financing transactions 2022 AKERO THERAPEUTICS. 4
Providing a Potentially Effective Treatment for NASH Reducing liver fat
Achieving >10% weight is critical to remove loss is challenging for disease driver patients who are obese Peripheral fat Insulin resistance and is the largest source of Type 2 Diabetes drives liver fat in patients with liver caloric burden NASH
Reversing fibrosis Dyslipidemia drives 30 Million is key to avoiding cardiovascular disease, the #1 US patients with NASH transplant, cancer, death cause of mortality by 2030 2022 AKERO THERAPEUTICS. 5
EFX Engineering Potentially Optimal for NASH Efficacy, With Convenient
Once-weekly Dosing Key attributes Akero proprietary Increases half-life High affinity for Fc-FGF21, from < 2 hours -Klotho Point mutations to 3-4 days Better translation Balanced potency Inactive to human at FGFR1c, 2c, 3c at FGFR4
pharmacology Stanislaus, S et al. (2017) Endocrinology 158(5): 1314-27; Lee, S et al. (2018) Nature 553: 501-505; Kharitonenkov, A et al. (2007) Endocrinology 148(2)774-781 2022 AKERO THERAPEUTICS. 6
EFX Acts on Two Major Sources of Liver Fat With Potential for Optimal
Reduction Sources of Fat Flowing into and Acting on both hepatic and peripheral sources of liver Through Liver for Patients with NASH fat is key to optimizing liver fat reduction Dietary Fat Source of Liver Fat FGF Receptor EFX Activity (10-20%)
Adipose Tissue: Lipolysis Lipolysis FGFR1c Liver: (40-50%) De Novo FGFR1c Lipogenesis (30-40%) FGFR2c, 3c FGFR2c De Novo Lipogenesis FGFR3c 2022 AKERO THERAPEUTICS. 7
EFX Direct And Indirect Anti-fibrotic Effects Pathogenesis of Fibrosis
Hepatocyte Stress & Death Kupffer Cell Activation Myofibroblast Differentiation Fibrogenesis EFX Anti-Fibrotic Activity Bao, L et al. (2018) Br J Pharmacol 175:3379-3393; Fisher, FM et al. (2014) Gastroenterology 147:1073-1083.e6; Jimenez, V et
al. (2018) EMBO Mol Med 10:e8791; Lee, JH et al. (2016) *Cited literature available on company website Am J Transl Res 8:4750-4763; Sanyal, A et al. (2018) Lancet 392:2705-2717; Le, CT et al. (2018) PLOS one 13:e0192146; Xu, P et al. (2016) Toxicol
Appl Pharmacol 290:43-53; Yu, Y et al. (2016) Int Immunopharmacol 38:144-152 2022 AKERO THERAPEUTICS. 8
Phase 2a Trial (Balanced) Design (F1-F3) 16 WEEKS Primary Endpoint
Absolute Liver Fat Placebo (n=20) Key Secondary Endpoints Relative Liver Fat 28mg EFX (n=20) Response Rate ALT 50mg EFX (n=20) Key Exploratory Efficacy Endpoints 2-Point NAS Improvement Fibrosis
Improvement NASH Resolution 70mg EFX (n=20) Serum Pro-C3 Screening Week 6 Week 12 Post-Treatment Liver Biopsy Subjects achieving 30% relative reduction of hepatic fat at MRI-PDFF week 12 eligible for post-treatment biopsy;
biopsy scoring based on NASH CRN 2022 AKERO THERAPEUTICS. 9 Screening Biopsy-Confirmed NASH Randomization Safety Follow-Up Responder Paired Biopsies
Phase 2a Expansion Cohort C Trial Design (F4) BALANCED study included
an expansion cohort, Cohort C, of patients with compensated cirrhosis (F4), Child-Pugh Class A 16 WEEKS Primary Endpoint Safety & tolerability Placebo (n=10) EFX 50 mg (n=20) * Liver Biopsy * Protocol amended to include voluntary
end-of-treatment biopsies FibroScan Fibrosis Biomarkers (ELF, Pro-C3) 2022 AKERO THERAPEUTICS. 10 Screening Randomization
Baseline Demographics: Main Study & Cohort C a b BALANCED Main
Study Cohort C Placebo EFX 28mg EFX 50mg EFX 70mg Placebo EFX 50mg Parameter Mean (N=21) (N=19) (N=20) (N=20) (N=10) (N=20) Age (Years) 52 50 53 53 57.1 61.1 Sex (Male/Female) 6/15 9/10 10/10 9/11 7/3 4/16 Weight (kg) 99.6 108.2 103.6 103.1 119.1
97.9 c c NAFLD Activity Score (NAS) 5.1 5.6 5.1 5.6 3.4 4.2 (range) (4 to 7) (4 to 7) (3 to 7) (5 to 7) (1 to 6) (1 to 7) Alanine Aminotransferase (ALT) (U/L) 50.7 62.5 53.4 56.8 32.7 31.7 Aspartate Aminotransferase (AST) (U/L) 38.6 41.1 35.4 44.6
28.9 31.4 % Type 2 Diabetes 67 37 50 50 50 50 HbA1c (%) 6.5 6.2 6.4 6.2 6.5 6.1 Triglycerides (mg/dL) 208 176 177 180 122 135 ELF Score 9.4 9.5 9.5 9.6 9.7 10.4 Pro-C3 ( g/L) 16.1 19.2 16.2 17.2 22.6 25.6 Liver Stiffness (kPA) 11.9 12.5 11.3
12.4 25.8 22.1 a b Full Analysis Set, F1-F3 (all subjects randomized into the BALANCED main study); Full Analysis Set, F4 (all subjects randomized into BALANCED Cohort C [except where otherwise c noted]); Liver Biopsy Analysis Set, F4 (all Cohort C
subjects confirmed by central reader as F4 at baseline with Week 16 liver biopsy results) 2022 AKERO THERAPEUTICS. 11
Substantial Reductions in Liver Fat at Week 12 Across All Dose Groups
(F1-F3 NASH) Proportion of Patients Achieving Fat Reduction Thresholds LS Mean Reduction in Liver Fat Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg Endpoint Placebo 28mg 50mg 70mg (N=20) (N=16) (N=17) (N=15) 0 -0% Relative Reduction in Liver Fat -3
** *** *** 30% 10% 100% 100% 100% -6 ** *** *** 50% 5% 69% 100% 93% -9 * ** *** 70% 5% 50% 53% 80% -63% -71% -12 -72% *** Normalization of Liver -12.3 Fat Content *** -13.4 *** -14.1 -15 * ** *** 5% 5% 25% 53% 67% * **
*** *** p<0.001, versus placebo (ANCOVA) p<0.05, p<0.01, p<0.001, versus placebo (ANCOVA) Source Data: Full Analysis Set, F1-F3 2022 AKERO THERAPEUTICS. 12 Absolute Reduction (%)
High Rates of Fibrosis Improvement After 16 Weeks Across All Dose
Groups (F1-F3 NASH) Fibrosis Improvement 1 Stage and 1,2 No Worsening of NASH 70% 70% 62% Biopsy Reading 60% 60% All baseline and end-of-treatment 48% 50% 50% 46% biopsies were centrally read by a single NASH-CRN pathologist 40% 40%
36% Baseline biopsies were not re-read with 30% 30% end-of-treatment biopsies 19 6 8 5 20% 20% All biopsies were read blinded to both treatment assignment and patient 10% 10% 0% 0% 0% Overall Overall Placebo All EFX 28mg 50mg 70mg
N=2 N=40 N=13 N=13 N=14 1 Improvement in liver fibrosis greater than or equal to one stage and no worsening of NASH (defined as no increase in NAS for ballooning, inflammation, or steatosis) 2 Secondary and exploratory histological endpoints were
not powered for statistical significance Source Data: Liver Biopsy Evaluable Analysis Set, F1-F3 (all BALANCED main study responders who had baseline and end-of-treatment liver biopsy results) 2022 AKERO THERAPEUTICS. 13
EFX F1-F3 Fibrosis Improvement in Context 1 Proportion of Patients with
1 Stage Improvement in Fibrosis and No Worsening of NASH Fc-FGF21 GlycoPEG-FGF21 PPAR Thyroid GLP-1 Madrigal Akero Inventiva Madrigal Novo Nordisk Efruxifermin Pegozafermin Lanifibranor Resmetirom Semaglutide Weekly Injection Weekly
Injection Daily Oral Daily Oral Daily Injection 16 Wks 20 Wks 24 Wks 36 Wks 72 Wks Increasing dosing 62% duration 48% 46% 46% 36% 34% 32% 29% 29% 26% 24% No Placebo Arm 0% Pbo 28mg 50mg Pbo 0.8g 1.2g Pbo All Pbo 0.2mg 0.4mg 27mg (N=19) (N=2) (N=13)
(N=13) (N=62) (N=63) (N=69) (N=34) (N=79) (N=80) (N=78) (N=82) Note: These data are derived from different Phase 2 clinical trials at different points in time, with 89Bio (2022) January 24 Corporate Presentation; Inventiva (2020) June 16 Corporate
Presentation; Harrison, S et al. (2019) Lancet differences in trial design and patient populations. No head-to-head clinical trials have been conducted. 394(10213):2012-24; Novo Nordisk (2020) June 19 R&D Investor Presentation. All trademarks
are the property of their respective owners. 1 FDA Guidance for Industry: Noncirrhotic Nonalcoholic Steatohepatitis With Liver Fibrosis: Developing Drugs for Treatment (2018) 2022 AKERO THERAPEUTICS. 14
Half of F2-F3 EFX Patients Achieved 2-Stage Fibrosis Improvement
Fibrosis Change in EFX-Treated Patients Fibrosis Change in EFX-Treated Patients with Baseline F1-F3 Fibrosis (n=40) with Baseline F2 or F3 Fibrosis (n=22) 2-Stage 28% Improvement (n=11) 2-Stage 50% 55% Improvement (n=11) 68% 1-Stage 28% Improvement
(n=11) 1-Stage 18% Improvement (n=4) 35% No Change (n=14) 23% No Change (n=5) Worsened 10% (n=4) Worsened 9% (n=2) 1 1 Source Data: Liver Biopsy Evaluable Analysis Set, F1-F3 2022 AKERO THERAPEUTICS. 15
Rapid Improvements in Fibrosis Biomarkers Consistent with Histological
Improvements (F1-F3 NASH) Pro-C3, LS Mean (ug/L) Pro-C3, LS Mean Change from Baseline Dose Group Baseline Week 12 BL W1 W4 W8 W12 Placebo 16.1 -1.5 10% *** 19.2 -6.1 28mg *** 16.2 -5.9 0% 50mg *** 70mg 17.2 -6.7 -10% -20% Enhanced Liver
Fibrosis (ELF) Score, LS Mean -30% Dose Group Baseline Week 12 *** *** *** -40% 9.4 0.0 Placebo *** *** *** *** *** *** 28mg 9.5 -0.7 *** -50% *** 9.5 -0.8 50mg Placebo 28mg 50mg 70mg * 9.6 -0.4 70mg *** * *** p<0.001, versus placebo
(MMRM) p<0.05, p<0.001 versus placebo (ANCOVA) Source Data: Full Analysis Set, F1-F3 2022 AKERO THERAPEUTICS. 16
Improved Lipoprotein Profile (F1-F3 NASH) LS Mean Change From Baseline
to Week 16 (%) Triglycerides HDL Cholesterol Non-HDL Cholesterol LDL Cholesterol 10% 50% 0% 0% -2% 0% -1% +6% *** 0% 40% *** -5% -5% -6% +41% *** +39% -10% 30% -10% +34% -15% -10% -20% 20% -15% -17% * -30% -16% -39% ** -15% -22% 10% -20% * -40% -46%
*** -48% *** +4% *** -50% 0% -20% -25% *** W16 W16 W16 W16 Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg *** *** * * ** *** p<0.001, versus placebo (ANCOVA) p<0.001, versus placebo (ANCOVA)
p<0.05, versus placebo (ANCOVA) p<0.05, p<0.01, p<0.001, versus placebo (ANCOVA) Source Data: Full Analysis Set, F1-F3 2022 AKERO THERAPEUTICS. 17
High Response Rates on NASH Resolution After 16 Weeks Across All Dose
Groups (F1-F3 NASH) 1,2 NASH Resolution and No Worsening of Fibrosis 70% 70% 60% 60% 54% 50% 48% 50% 50% 46% 43% 40% 40% 30% 30% * 1 19 6 7 6 20% 20% 10% 10% 0% 0% Overall Overall Placebo All EFX 28mg 50mg 70mg N=2 N=40 N=13 N=13 N=14 1 2 NAS score
of 0 or 1 for lobular inflammation and a score of 0 for ballooning; Secondary and exploratory histological endpoints were not * powered for statistical significance; A single placebo responder lost 25 pounds over 16 weeks (11% weight reduction)
Source Data: Liver Biopsy Evaluable Analysis Set, F1-F3 2022 AKERO THERAPEUTICS. 18
Substantial Reductions in Markers of Liver Injury After 16 Weeks of
Treatment (F1-F3 NASH) ALT, LS Mean Change from Baseline AST, LS Mean Change from Baseline BL W1 W4 W8 W12 W16 W20 BL W1 W4 W8 W12 W16 W20 40% 40% 20% 20% 0% 0% *** -20% -20% ** *** ** *** *** *** *** *** *** *** *** *** *** *** *** *** *** -40%
-40% *** *** *** *** *** *** -60% -60% Placebo 28mg 50mg 70mg Placebo 28 mg 50 mg 70 mg ** *** *** p<0.01, p<0.001, versus placebo (MMRM) p<0.001, versus placebo (MMRM) Similar dose-related improvements observed for GGT & ALP Source
Data: Full Analysis Set, F1-F3 2022 AKERO THERAPEUTICS. 19
Clinically Meaningful Improvements in Glycemic Control After 16 Weeks
(F1-F3 NASH) LS Mean Change From Baseline to Week 16 (%) 1 2 HbA1c C-Peptide All Patients (N=80) Patients with Type 2 DM (N=41) All Patients (N=80) Patients Type 2 DM (N=41) 0.1 0.2 20% 20% +21% +0.1 0.1 0.0 +0.0 -0.1 +0.1 0.0 -0.1 10% 10% -0.1 -0.2
-0.2 -0.3 0% 0% -0.4 -0.3 -5% -0.5 -0.4 -0.4 * -0.5 -0.6 -10% -10% ** -0.5 -0.6 -0.6 -22% -24% -0.7 -20% -20% -0.7 -27% -28% -0.9 * -29% -0.8 -0.8 -33% * -0.9 -0.9 -30% -30% * ** * * W16 W16 W16 W16 Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg
Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg 1 2 Absolute change from baseline, % Relative percent change from baseline * ** * p<0.05, p<0.01, versus placebo (ANCOVA) p<0.05, versus placebo (ANCOVA) Source Data: Full Analysis Set, F1-F3
2022 AKERO THERAPEUTICS. 20
Weight Loss Observed For All Dose Groups (F1-F3 NASH) Mean Change in
Body Weight (kg) Mean Change in Body Weight at Week 16 (kg) BL W1 W4 W8 W12 W16 0 +0.1 0 -0.3 -1 -1 -2 -2.3 -2 -3 -3 -3.7 -4 -4 W16 Placebo 28mg 50mg 70mg Placebo 28mg 50mg 70mg Source Data: Full Analysis Set, F1-F3 2022 AKERO THERAPEUTICS.
Consistent Results Observed for Relevant Endpoints (F1-F3) b b a
Fibrosis Change in Patients HbA1c, % C-Peptide (%) Liver Fat (%) d,e,f with F2 or F3 at Baseline Placebo EFX 28mg EFX 50mg Placebo EFX 28mg EFX 50mg Placebo EFX 28mg EFX 50mg Pbo 28mg 50mg Pbo 28mg 50mg Pbo 28mg 50mg 0% 2-Stage +0.1 50% Improvement
+21% 68% -0.1 1-Stage 18% Improvement No Change 23% -63% -22% -24% -0.4 -71% Worsened 9% *** * * * *** 2 c b b b Body Weight (kg) Triglycerides (%) HDL Cholesterol (%) Non-HDL Cholesterol (%) 1 Stage Fibrosis Improvement d,e and No Worsening
of NASH PlPb aceo bo EFX 28m 28mg g EFX 50m 50g mg Pla Pb ceo bo 2 28m 8mgg 5 50m 0mgg PlPb aceo bo 2 28m 8mgg 5 50m 0mgg PPb lace o bo 2 28m 8mgg 5 50m 0mg g 62% *** -1% +0.1 +6% *** +41% -0.3 46% +39% -15% * -39% 0% -16% *** -2.3 -48% +4% Placebo
EFX 28mg EFX 50mg *** Pbo 28mg 50mg *** a b c LS Mean Change from Baseline to Week 12; LS Mean Change from Baseline to Week 16; Mean Change from Baseline to Week 16; d e f Proportion of subjects; not powered for statistical significance; Includes
all EFX-treated patients, including 70mg dose * p<0.05, *** p<0.001, versus placebo (ANCOVA) 2022 AKERO THERAPEUTICS. 22